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Hire-Purchase – In absence of bifurcation of EMIs into principal & interest indexing system of accounting is valid
Case Law Details
- Case Name
- Sri Chakra Financial Services Limited Vs The Commissioner of Income-tax (Andhra Pradesh High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Andhra Pradesh HC
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HIGH COURT OF ANDHRA PRADESH
Chakra Financial Services Ltd.
versus
Commissioner of Income-tax
I.T.T.A. No. 10 of 2000
FEBRUARY 7, 2012
JUDGMENT
Sanjay Kumar, J.
The issue for consideration in this assessee’s appeal under section 260A of the Income-tax Act, 1961 (hereinafter, “the Act”) is as to the methodology of computation of the assessee’s income from finance charges.
2. The assessee is a public limited company engaged in the business of leasing, hire-purchase and finance. For the assessment year 1987-88, it admitted a loss of Rs. 7,09,738. The Assistant Commissioner...
